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TrueLayer to expand business operations into Australian markets

Monday 26 October 2020 13:51 CET | News

TrueLayer, a computer software firm that enables companies to capitalise on new Open Banking initiatives in the UK, has announced that it will be expanding its operations into Australian markets.

The company aims to offer a platform for fintech firms, application developers and retailers where they’re able to access bank APIs. The TrueLayer platform allows users to share their clients’ banking information and other financial details.

Australia appears to be following the UK when it comes to adopting business-friendly Open Banking policies. TrueLayer is now planning to establish operations in Australia which has a fast-growing fintech sector. In July 2020, the Consumer Data Right Act made it easier for Australians to securely share their banking and other financial data with third-parties.

Recently, Australia has again made changes to its Open Banking rules. The updated rules will now allow accredited or qualified third-parties like TrueLayer to obtain customers’ financial data on behalf of other accredited companies.

TrueLayer is planning to officially launch its services in 2021. The fintech will have to  get accredited by the Australian Competition and Consumer Commission or ACCC. TrueLayer will also be focused on supporting its business partners as they establish operations in the country.

TrueLayer describes itself as a technology company that provides secure, global access to financial infrastructure. Developers use the firm’s APIs to build products that securely access data and initiate payments in real-time.

TrueLayer is connected to large financial institutions across the globe. It’s backed by major VC investors and its services are trusted by established fintech firms such as Monzo, Revolut, and Zopa.

 


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Keywords: Truelayer, Open Banking, Australia, expansion, fintech, banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Australia
This article is part of category

Banking & Fintech